1184 Mazatlan CirColorado Springs, CO 80910

Property Details for 1184 Mazatlan Cir

Year built

1984

Lot size

9,605.00 AC

Property size (Sq ft)

3,212 SF

Property type

Apartment buildings

Description

This exceptional four-unit apartment building in Colorado Springs, CO, presents a compelling value-add investment opportunity. Located at 1184 Mazatlan Cir, 80910, this two-story property, built in 1984, sits on a spacious 9,605-square-foot lot and offers 3,212 square feet of living space. Currently boasting 100% occupancy, the property features recently renovated interiors with LVP flooring, new carpet, stainless steel appliances, and fresh paint in each of the four two-bedroom, one-bathroom units. Each unit includes in-unit washer/dryer hookups and fireplaces. The property includes six parking spaces and is zoned PUD. The current Net Operating Income (NOI) is $43,699, yielding a 7.05% cap rate. However, a pro-forma NOI of $50,803 projects an 8.19% cap rate, reflecting the potential for significant rent growth. One unit is currently vacant, presenting an immediate opportunity for owner-occupancy or lease-up at market rates. The property's prime location near Academy Blvd Corridor, Highway 24, and I-25 provides easy access to shopping, dining, and entertainment, minimizing vacancy risk and maximizing rental income potential. This property is priced at $620,000 ($155,000 per unit) and offers a strong return on investment for both seasoned and first-time multifamily investors.

Location Insight

City

Colorado Springs

County

El Paso

State

Colorado

Latitude

38.818

Longitude

-104.769

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